Personal Finance is an umbrella term covering areas of finance that aren’t business. Generally it covers business-like decisions made by individuals that impacts their net worth over time. This also includes things like insurance, that helps you hedge risks in the future, as well as budgets and tax decisions.
Curtis James Jackson III, AKA 50 Cent, filed for bankruptcy. Despite a Net Worth of $155 million a few months prior, he now lists assets and debts between $10 and $50 Million. Individuals who quickly make huge sums of money in a short time (think pro athletes, lottery winners), forget that the level of income will not go on forever. These people might spend too extravagantly, buying big houses and shiny, fast cars, not understanding the cash flow needs (I.e.- maintenance) of these assets when the money stops flowing in. In the case of 50 Cent, his bankruptcy documents stated his "debts are primarily consumer debts." One of his other business ventures also recently filed for bankruptcy as well.
After the last #FinanceFriday post, many of you contacted me about setting up Mint.com and Liveplan.com. Congrats on taking that huge first step! And if you didn’t set up either [...]
It is now July and that means we are already half-way through 2014! You probably made some ambitious resolutions six months ago and probably forgot all about them five-and-a-half months [...]
Today I called the IRS regarding a client's amended tax return. The agent told me that due to backups caused by the government shutdown amended returns will take 12 to [...]